Using AI approach to solve a production-inventory model with a random product life cycle under inflation

Authors:
H. M. Wee;Jonas C. P. Yu;P. C. Yang
Affiliations:
Department of Industrial Engineering, Chung Yuan Christian University, Chungli, Taiwan;Logistics Management Department, Takming College, Taipei, Taiwan;Industrial Engineering & Management Department, St. John's & St. Mary's Institute of Technology, Tamsui, Taipei, Taiwan
Venue:
ICCSA'07 Proceedings of the 2007 international conference on Computational science and its applications - Volume Part I
Year:
2007

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Abstract

This paper considers a production-inventory system with inflation and a random life cycle. Two conditions are discussed: the first is when the product life cycle ends in the production stage and the second is when the product life cycle ends in the non-production stage. We develop a genetic algorithm to find the optimal period time and the lowest expected total cost. Numerical examples and sensitivity analyses are given to validate the results of the production model.